CPA 5 Improved Cook Stoves programme for Rwanda

Audit Analysis

The Rwanda Improved Cook Stoves programme has a VVB-confirmed additionality assessment and a quantified 5% leakage deduction, but is undermined by an extensive list of material findings (14+ distinct issues), a significant contradiction in verified ERR figures between the 2024 monitoring report and the 2025 verification report, a 22% cookstove dropout rate, and the absence of a stated buffer pool or reversal-risk treatment. The low extraction confidence and numerous corrective action requests further erode confidence in the data reliability.

Project Description

Red Flags

• ⚠Verified ERR of 326,510 in the 2025 verification report contradicts 33,137 in the 2024 monitoring report — a nearly 10× discrepancy that cannot be reconciled without clarification
• ⚠22.08% dropout rate in cookstove adoption flagged for clarification in the verification report, suggesting actual impact may be materially lower than claimed
• ⚠No buffer pool percentage stated and reversal events explicitly not addressed, despite cookstoves being replaceable assets with inherent reversal risk
• ⚠FPIC status contradicts between the 2016 monitoring report (conducted) and the 2023 monitoring report (not conducted), with no resolution documented
• ⚠14+ material findings and multiple CARs/CLs in the 2025 verification report indicate systemic documentation and reporting quality issues

Credit Vintages